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What is a GST Return?

GST registered businesses are required to submit a report including the records of their sales, purchases, input tax, and output tax to the Tax administrated authorities for the calculation of the tax liability. This documentation containing the income details is known as GST return.

Eligibility for GST Return Filing

All the entities including business owners, traders, dealers, and other taxable persons registered under the GST taxation system must file the GST return as per their respective business activities and transactions. A GST registered business shall file two monthly returns and an annual return followed by the payment of the tax liability to the government.

GST Input Tax Credit Reconciliation

Input Tax Credit means you can nullify the appropriate amount of taxation on output with the tax you have already paid on inputs. The GST and ITC are transitioned so as to decrease the cascading effect of taxation liabilities.

The reconciliation is not a new practice as it was also practiced earlier in the VAT and excise regime. However, GST reconciliation is much beneficial over the previous ones as it is integrated with the input tax credit and is administered by the tax authorities.

An Insight INTO the GST Filing Procedure in India

Ranging from manufacturers to consumers, all taxpayers are supposed to file the tax return reports dictated by the type of their business institutions. Filing Tax Returns is an entirely automated process following a procedural approach. These online platforms are provided by the Goods and Services Tax Network (GSTN) through which the input details are auto-filled in the GSTR forms.

This return filing is done once the business concern’s outcome exceeds the limit of exemption. The threshold turnover limit for providing services is 40 Lakhs while that for the goods is 20 Lakhs. The exception lies for the special category states that include the state of Jammu and Kashmir, and the state of Arunachal Pradesh, Assam, Himachal Pradesh, Meghalaya, Sikkim, and Uttarakhand where the taxpayers are liable for registration after an aggregated turnover exceeding 10 Lakhs in a financial year. It is mandatory to file a return even if no taxable supplies are made; the return filed in such cases is known as a NIL return.

Any registered business is required to file GST returns twice a month and present an annual report every financial year. This implies that there are 26 return filings per year. The GST Council issues 4 different types of return filing including the return of purchases, the return of supplies, annual returns, and monthly returns.

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Benefits of GST Return Filing

Uniformity Taxation

The introduction of GST also introduced an integrated economy in India promoting a common national market in the country. This is achieved by following a uniformly rated taxation and eliminating economic barriers. Moreover, the concept of Integrated Goods and Services Tax (IGST) brought uniformity in the taxation of all imported goods as well.

Cascading of Taxes

The cascading effect of the taxes can be nullified with the introduction of GST in the market. The collected tax is credited to all the entities associated with the supply chain of goods and services except the consumer in the form of input tax credit (ITC). The GST regime and the Input Tax Credit work hand in hand to make the credit flow seamless across the entire supply chain.

Regulation of the Unorganized Sector

GST aims to ensure to nullify the cascading of taxes through countercheck mechanism and hence, helps freeing the burden of tax liability. The GST regime provides provisions for online compliance and payments, therefore, resulting in the accountability and regulation in the certain unorganized industries.

Simple and fewer Compliances

The simplified and common forms, definitions, and interfaces via the Goods and Services Tax Network (GSTN) increases the synergies and efficiencies across the board. Uniformity in the tax rates, procedures, and laws simplifies the compliance in the system. Unlike the Pre-GST regime, GST lessens the number of returns along with the decrease in time utilized in filing those returns.

Understanding the GST Return in Details

The GST laws prescribe a list of returns that shall be filed by GST registered businesses. Here is the list mentioning all the returns according to their respective schemes.

Returns for a regular business

GSTR1

The purpose of this return lies in the trade of outward supplies. These supplies include all the goods and services affected interstate and intrastate and the purchases made under reverse change and interstate stock exchanges. This return has to be filed monthly.

GSTR2

This return is also to be filed monthly. It includes the details of inward taxable articles including taxpayer and returns details listed separately for all goods and services. The GST Council has suspended this return.

GSTR3

This is a monthly return to be filed for the integrated inward and outward supply details, taxpayer’s details, and all the details related to the tax associated liabilities. The filing of this return has been suspended by the government.

GSTR3B

It has to be filed for the consolidated summary of inward and outward supply along with the input tax credit details that have recently been transitioned with GST for Tax Liability relaxation.

GSTR9

This is an annual return to be filed by normal taxpayers to furnish all the details of sales, purchases, supplies, input tax credit and the refund claimed every financial year. It contains the elaborated details of the taxpayer’s income and expenditure throughout the year that is further regrouped as per their monthly return details.

GSTR9C

This return complies with an audit form that is to be filed by all taxpayers who are mandatory to make the final annual audit if the turnover of their business exceeds Rs. 2Crores in a financial year.

Returns for businesses registered under the composition scheme

GSTR4

This is a quarterly filed return by the taxpayers who have opted for the GST return composition scheme. The respected entities ought to provide the summary details of the total value of supplies made and the tax paid during this period. Additionally, they are required to produce invoice-wise details of the inward supplies.

GSTR9A

This is an annual composition return to be filed by the taxpayers under the GST composition scheme containing all the details of their supplies, taxes paid, ITC and refunds claimed. This return shall be filed at any time during the financial year.

Returns for Other types of business entities

These returns are formulated by the GST Council for business entities those neither share returns under regular business nor have opted for the composition scheme.

GSTR5

This return is for Non-resident foreigner taxpayers who are required to present documentation including taxpayer details, income, and expenditure details, inward and outward supplies along with the details of tax liabilities.

GSTR6

This is a monthly return to be filed for an Input Service Distributor. It includes details of ISDs, ITC, GSTIN, invoice level supply details, etc.

GSTR7

This return has to be filed monthly for authorities deducting tax at the source. It includes all TDS transaction details along with all other payment details.

GSTR8

This return has been made for the e-commerce operators. It includes details of taxation and supplies that are effected by e-commerce.

GSTR9B

This is an annual return that has to be submitted by the e-commerce operators who claimed tax for a source.

GSTR10

This is a final return that is intended to be filed by the taxpayers while terminating the business activities or canceling their GST registration.

GSTR11

This variable tax return is to be made by a taxpayer acquiring UIN who intends to present details of inward supplies and claimed refunds.

Penalty for Late Return Filing

Late filing of GST returns is considered as a punishable offense under GST laws. The fees imposed on a taxpayer for a failed attempt of GST filing a GST return in time is referred to as the late fee or an overdue fine.
This fee is also charged if the taxpayer misses or delays in filing even a NIL return within the prescribed due dates.
As per the Central Goods and Services Act, 2017 and Respective State Goods and Services Act, 2017 (or) Union territory Goods and Services Act, 2017 a late fee of INR 100 each is imposed for intra-state supplies.
For delay in return filing associated with the import of goods and services, the Integrated Goods and Services Act, 2017 levies a fine of INR 200 for each passing day.